Houston-based Lionstone Investments, on behalf of an institutional client, has acquired the nine-building San Diego Tech Center office park in Sorrento Mesa for an undisclosed price.
The campus, at 9685-9725 Scranton Road, last sold for $152.5 million in 2012, when it was acquired by Boston-based Beacon Capital Partners, the seller in the latest transaction, according to CoStar Group and public data.
Lionstone’s operating partner in the acquisition is San Diego-based Locale Advisors, led by Principal Phil Monroe.
Most of the campus, totaling 655,643 square feet, was built in the mid-1980s and includes up to an additional 1.2 million square feet for potential new development, according to a statement from Locale Advisors.
The seven-acre campus includes an eight-story office building, and eight one- and two-story buildings for research and development tenants. Also on-site is a Karl Strauss brewery restaurant, a fitness facility, lap pool and Japanese garden.
The prior owners invested $6.3 million in capital upgrades, including LEED Gold certification, gym and restaurant renovations, landscaping and signage improvements. Monroe said significant new capital upgrades are planned, likely focusing on future phased development or attracting build-to-suit tenants.
The campus is currently 99 percent leased, with tenants including Sony Computer Entertainment America, Qualcomm Inc., Samsung and Novatel Wireless.
Eastdil Secured and brokerage company JLL represented the buyer and seller in the latest transaction. JLL’s Jay Alexander, Chad Urie and Tim Olson will continue managing leasing efforts for the campus, officials said.